Elon Musk Responds to Tesla Competitor’s Stellar IPO

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Elon Musk Responds to Tesla Competitor’s Stellar IPO

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On Wednesday, electrical automobile automaker Rivian debuted on the stock market with a market cap of larger than $100 billion.

Bloomberg | Getty Photography

Naturally, other folks became to Twitter for Elon Musk’s standpoint on the blockbuster IPO. One user compared Tesla’s IPO to Rivian’s tweeting, “When $TSLA IPOed at a stamp of $1.7 billion they’d been selling Roadster for 2 years & had panicked the sector with Mannequin S present the twelve months sooner than. No criticism of Rivian, but 24 hours into IPO MC is $100B with zero earnings. A stamp of the instances @elonmusk?”

Musk spoke back by declaring that Tesla has been the completely carmaker to achieve excessive-quantity manufacturing and likely money dart with the toddle within the final century.

I’m hoping they’re ready to make excessive manufacturing & breakeven money dart with the toddle. That is the factual take a look at.

There possess been quite a lot of automobile startups, each electrical & combustion, but Tesla is totally American carmaker to achieve excessive quantity manufacturing & sure money dart with the toddle in past 100 years.

— Elon Musk (@elonmusk) November 11, 2021

Linked: Elon Musk’s Fortune Drops $50 Billion in Two Days

Rivian raised around $12 billion in its IPO, environment the report for this twelve months’s largest initial public offering within the sector. Rivian is now the second most important U.S. automobile manufacturer after Tesla.

This IPO makes the firm mighty extra vital than Ford (market cap $77 billion) and Overall Motors (market cap $90 billion). Rivian CEO R.J. Scaringe wrote about taking on the automobile industrial in Rivian’s IPO prospectus.

“We started interested by the truck, SUV, and crossover segments as they equipped an enormous replacement for us to drawl how a tidy sheet, expertise-focused automobile may perchance perchance perchance place away with long permitted compromises,” Scaringe wrote. “We wished to save our tag by handing over a combination of effectivity, on-side motorway performance, off-side motorway functionality, functional utility, and product refinement that simply didn’t exist on the market.”

Despite never recording earnings, the firm says it has 55,400 preorders for its R1S SUV and R1T pickup truck and a contract to originate 100,000 electrical vans with Amazon by 2030. 

Rivian’s IPO is a mighty completely different image than when Tesla went public in 2010. At that time, Musk’s firm had already been selling its Roadster mannequin for 2 years with plans to roll out the Mannequin S. On completely different hand, Rivian dazzling started selling its autos and has reported a safe loss of nearly $1 billion within the principle half of 2021.

Linked: Elon Musk Says Tesla, Unlike Apple, Would possibly perchance well well presumably no longer ‘Bludgeon Competitors’

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